New FinTech envoys to help sector flourish after Brexit

Hammond has named Wealthify CEO Richard Theo as FinTech envoy for Wales

The government has appointed two new FinTech envoys for Wales and Northern Ireland to ensure that the UK remains a world leader in financial services after Brexit.

Richard Theo, co-founder and CEO of Cardiff-based investment service Wealthify, has been named FinTech envoy for Wales, while Georgina O'Leary, director of innovation, research and development at Allstate Northern Ireland, has been named FinTech envoy for Northern Ireland.

"The financial world is being transformed by the FinTech revolution, so it's vital that each corner of the UK can harness its power," Hammond said.

"Our two new regional FinTech envoys for Wales and Northern Ireland will help the sector to grow and flourish across the UK, bringing its benefits to every region."

The pair will join current envoys CYBE chief executive David Duffy (England); Chris Sier, professor of financial technology at the University of Leeds (Northern Powerhouse); and David Ferguson, CEO of Nucleus Financial, and Louise Smith, head of current account design for RBS (Scotland).

Hammond added: "I'd like to congratulate Richard Theo and Georgina O'Leary on their new roles.

"I am certain they will build on the success of the existing envoys in helping the UK to remain at the cutting edge of the digital revolution as we create an economy fit for the future."

Richard Theo said: "Wales already enjoys considerable FinTech success and is well placed to become a leading fintech centre. It is a fantastic place to do business, benefitting from a strong work ethic and entrepreneurial culture, low operating costs, excellent connectivity and a great lifestyle.

"It is already home to a wide range of accelerators and incubators, and a phenomenal network of tech, fintech and financial services businesses."